And perhaps illustrating the complexities of global trade, the higher prices are a by-product of another round of US sanctions — this time against Russian alumnium producer Rusal.

“Rusal, which accounts for 6-7% of global aluminium supply, saw aluminium exports fall 9% year-on-yar from January to June. The company’s aluminium exports plunged in April after the US sanctions were announced on April 6,” Dhar said.